July 30 - Nexus Data Centers is in advanced discussions to secure roughly $15 billion to fund a Texas campus associated with Anthropic, with Alphabet’s Google agreeing to provide financial guarantees and supply specialized chips, according to people familiar with the matter.
The proposed Hubbard, Texas site would include an on-site natural-gas-fired power plant with capacity to generate about 1.6 gigawatts of electricity. A bank syndicate led by Morgan Stanley is reportedly negotiating the financing arrangements for the project.
Key components of the financing and commercial arrangements outlined by sources include:
- A financing package that features a $14 billion bridge loan accompanied by a revolving credit facility.
- Guarantees from Google that would cover billions of dollars of Anthropic’s lease obligations and related power-payment commitments in the event of a default, with that backing limited to the minimum level required by lenders to complete the financing.
- Coverage by the guarantees of four data-center leases signed by Anthropic and associated power-purchase agreements to source electricity from the on-site plant.
- An expected equity allocation to Google of about 20% in the combined data-center and power project in return for its support.
- Plans by Anthropic to outfit the facility with tensor processing units - chips co-designed by Google and Broadcom - with those chips to be financed through a separate vendor-financing arrangement between Anthropic and Broadcom.
The reported structure ties together capital markets, corporate guarantees, vendor financing and energy infrastructure to support a large-scale AI computing campus. The financing discussions are described as advanced, but sources did not provide a final agreement or timeline.
When contacted for comment, Anthropic declined to respond, while Google and Morgan Stanley did not immediately provide a comment.
The wider context noted by sources is that large technology companies have been investing heavily in AI-focused data centers and compute capacity as demand for such infrastructure continues to exceed supply. The proposed Hubbard campus would combine power generation and lease commitments for AI compute operations, with financial and equipment support coming from multiple corporate and banking parties.